How to Set the Price of Your House for Sale in Bannockburn

Bannockburn is a sleepy township more than 90 kilometres southwest of Melbourne’s Central Business District. It’s an old town, dating to the 1850s when the gold rush brought pioneers to the area when it was first developed as a coaching stop. Today, approximately 6,000 people live in the town, taking advantage of cheaper houses for sale in Bannockburn compared to Geelong and Ballarat.

One of the challenges of selling a property for sale Bannockburn located is determining the right price. As you know, if the cost is too steep, it will only drive away prospective buyers. Meanwhile, you are setting yourself up to take a loss if it’s too low.

House for Sale in Bannockburn: Setting the Price

• Do Your Due Diligence

You can visit websites that offer estimates about the value of houses for sale Bannockburn area. While some have a paywall, you can find sites that calculate the home value for free.

And while they are not accurate, they should give you an insight into the estimated range of the asking price for your property for sale Bannockburn located. At that point, you now have a baseline figure to work with. However, remember to temper your expectations since they do not give you the whole picture.

Now that you have your baseline figure in mind, you can contact an experienced realtor who knows your neighbourhood like the back of their hand. The real estate agent will give you a more accurate price range by calculating other factors that could not be accounted for by these automated home evaluators.

• Compare Prices

Search your neighbourhood at real estate websites and compare the prices for the past few weeks. By making a neighbourhood comparison, you will have an approximate range of the appraised value of your home. Of course, you also have to consider the curb appeal, location, size of the property, and a host of other factors.

When making a neighbourhood comparison, ensure that you conduct your search within a half-mile radius from your property for sale Bannockburn area. Also, modern houses tend to fetch more value than houses.

Prices typically change from block to block or street to street. Therefore, you might get the wrong appraisal if you compare the price of your home to the house across the street. For instance, if your house sits near a double-line road, it will significantly impact the sale price since your location is on a busier street.

• Spot Patterns

Now, you must roll up your sleeves as you go to the nitty-gritty of pricing your property. First, search for expired listings and look at how many weeks they stayed on the market without drawing interest. Also, check for withdrawn listings, referring to properties the homeowner has pulled out of the market.

Finally, you can also include in your research the pending listings around your neighbourhood and find time to visit them. This way, you have an idea of how they conduct open houses and what additions they introduced into the home to make it more attractive to prospective buyers. 

• Prepare to Adjust Your Asking Price 

The value of homes changes according to market conditions and demand. So, you must be ready to make last-minute adjustments as the need arises. But, on the other hand, you cannot be too rigid about sticking to your asking price if you don’t want your home to languish on the market.

It does not mean you can get the same amount just because a similar house next to you sold for $1.5 million. The market might have changed since then.

You have to talk to your realtor and set your bottom price, so they have the elbow room to manoeuvre. This way, they do not have to disturb you whenever they receive an offer and negotiate with the buyer without involving you. Remember, if you set the bar too high, several potential buyers will withdraw their offer if their mortgage is insufficient. 

Bonus Tip:

If you want to increase the value of your property for sale Bannockburn, you must be willing to invest. Work with your realtor to get the most out of your home with minimal expenses.

Conclusion

At the end of the day, the home value in Bannockburn, or any other town or suburb in Victoria, hinges on supply and demand. But the market swings wildly like a pendulum, so you must be quick on the trigger if the odds are in your favour.

Setting the price of your property for sale in Bannockburn is deceivingly complex. As you can see, you have to consider several factors to come up with the right amount at the right time. But you can make your life easier by contacting a realtor who knows their stuff. Not only will they formulate the approximate value of your home, but they will also help you find the buyer to match your offer.

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